Financial wellbeing is about a sense of security and feeling as though you have enough money to meet your needs. It's about being in control of your day-to-day finances and having the financial freedom to make choices that allow you to enjoy life.
Your financial Personality
Money can be a common source of conflict in the strongest of relationships, so take time to talk through your 'financial personalities'. This is particularly important if you experience a change in circumstances such as retirement, redundancy or an inheritance. These changes can challenge your attitude to money and sense of financial wellbeing.
Ideas for maintaining financial wellbeing
Here are a few ideas to help maintain your financial wellbeing.
Write down your budget
Knowing your income, expenditure and disposable income once your day-to-day expenses are covered, will give you confidence in your decisions. If your partner or spouse usually looks after the finances, be sure to talk the budget through with them, so that you both understand your financial situation.
Avoid income comparisons
Research shows that comparing ourselves to our friends or peers reduces life satisfaction. Keep in mind that we all have different priorities and find pleasure or enjoyment in different things. For example, you may love to travel and invest in experiences, rather than having a big car or house.
Look for the positives
Research in the field of neuroscience has shown that practicing gratitude regularly can help to rewire your brain structure. Feeling grateful stimulates the production of natural 'antidepressants' such as serotonin and dopamine, giving you a feeling of contentment and wellbeing. Try writing down 3 things you're grateful for each day.
We're here to help
If you're concerned about your finances and need some help, get in touch with CABA for debt and budgeting advice.
How CABA can help
We're here whenever you need help, support or information that could help improve your wellbeing. Our services are free for ICAEW members, ACA students and their families.